One of the questions that comes up again and again and again is, “I had my money in one account and then I moved it to another account. The IRS is saying that you have to pay 20 percent of the high balance. Do I have to pay 20 percent when it was in the old account and 20 percent when it’s in the new account?”
The short answer is no. They’ll only tag you once with one 20 percent penalty even if you moved the money from one account to another. So that, at least, is a big relief.
If you want to hire us to help you think about what to do, or to represent you in the process, please give me a call. I’m at 626-689‑0060. My cell number is 626-437‑2500. I’m on the west coast in the United States, Pacific Time Zone, so if you call just bear in mind that’s where I am, and try to call when I’m awake.
-Phil
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